Um... isn’t that because housing prices are dropping like crazy since we have 7 % mortgage interest rates, due to massive inflation?
“Housing prices are dropping” only in states run by crazy people as far as I have seen. And not “like crazy”.
Here in Florida, prices remain high but sales have slowed to a more regular pace.
“massive inflation”
The food section of Walmart is a rather shocking place now.
My GV cheese balls have gone from $2.54 to $3.18.
Much of the $.98 candy is now $1.48.
Cookies that were $1.27 are now $2.38.
Many Aldi prices have just about doubled from pre-COVID levels.
We are not seeing that other than in specific neighborhoods which were greatly over-priced by speculation in the deep blue state of Washington. Even in Spring is very little supply and somehow there are those who have the money to pay high prices even with higher interest rates. We still have a sellers’ market despite the wishful hype.
Think about it. Most houses with large mortgages were either refinanced or purchased during the time of low interest rates. People do not want to sell those houses and give up their low interest rate financing. This is cutting into the available supply.